Chinese Vice Premier Liu He said on Tuesday that the country's economic growth will return to previous trends and "see significant improvement" in 2023 if it completes its tasks.
Speaking at the World Economic Forum annual meeting 2023 in Davos, Switzerland, Liu noted that the government will focus on expanding domestic demand, keeping supply chains smooth and attracting foreign investment. In 2022, the country managed to keep jobs and prices stable, according to Liu. Beijing will pursue a social development goal of common prosperity, a historic mission to ensure long-term stability, the Chinese official underlined.
Monetary policy tightening globally could result in an interest rate hike-recession-recovery loop, Liu stressed, adding that supply-side measures are also needed to successfully tackle the issue of elevated inflation around the world.
